You don’t have to go to the trouble and expense of driving to a check cashing store to cash your paycheck. If you receive a government or benefits check, you can also have it deposited directly onto prepaid cards for no fee.
There is one other important benefit to these cards–online bill pay.
Time Magazine wrote about this phenomenon, which costs consumers billion a year in fees charged by check cashing stores, payday loan providers, and others.
As a result, prepaid cards can be used anywhere that Visa debit or Master Card debit cards are accepted (which is just about everywhere).
You can also use prepaid cards at ATM machines to withdraw cash.
Because of this, a no fee prepaid credit card is about as close to a bank account as you can get, without getting a bank account.
Here are some other benefits of no fee prepaid cards: We will add additional free and low cost prepaid cards as they become available.
The key to finding the right prepaid credit card is to find one that charges no fees or very small fees.
All prepaid cards charge various fees, but some of them waive some or all of the fees if you sign up for direct deposit.Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by American Express. Our 31-Day Money Challenge will help you get out of debt, save more, and take back control of your life. Prepaid credit cards offer several benefits beyond a simple ATM card.Perhaps the key benefit is direct deposit of paychecks, government checks, and benefit checks.So here are the top free prepaid cards and low fee prepaid cards to consider.